Home > Market Updates, multifamily, Uncategorized > Houston Multifamily Apartment – Market Update January 2012

Houston Multifamily Apartment – Market Update January 2012

 

Market Summary

  • Key metrics for the Houston area multifamily sector recorded positive changes in the first month of the year.
  • Overall occupancy recorded a slight upward change compared to December. Occupancy in Class A properties went up by 0.26% to close at 93.64%. Occupancy for Class B properties came down marginally by 0.1% to close at 88.06%.
  • Marginal increases were noted in the rental rates per square foot for all classes. The average for Class A went up by $0.001 to close at $1.189 per square foot. The average for Class B properties also increased by the same margin to close at $0.841 per square foot.
  • The average rental rate per unit recorded significant changes for all the classes. The average rents per unit increased by close to half-a-dollar for Class A properties to close at $1,129 per unit. The average for Class B went up by $0.72 per unit to close at $690.57 per unit.
  • 9,489 units spread over 42 projects are in the construction pipeline. 14.4% of these (or 1,368 units) are currently pre-leasing.

Houston Apartment Market Key Metrics

Monthly absorption in Houston was positive 1,008 units while annual absorption (rolling twelve months) totaled positive 10,743 units. 3,017 units are in the planning stage.

O’Connor & Associates / Research & Consulting Group
Houston: 713-686-9955

Occupancy

88.31%

Rent / Unit

$776.01

Rent / SF

$0.898

Monthly Change

+ 0.05%

Monthly Change

+$0.94

Monthly Change

+$0.002

Annual Change

+1.50%

Annual Change

+$7.31

Annual Change

+$0.010

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